World News: 14:22 GMT Thursday 6th December 2018. [Technavio Research via Businesswire via SPi World News]
Technavio analysts forecast the global fluorosilicone market to grow at a CAGR of nearly 8% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global fluorosilicone market for the period 2018-2022. (Graphic: Business Wire)
The increase in demand for 3D printing is one of the major trends being witnessed in the global fluorosilicone market 2018-2022. In the 3D printing technique, thin layers of material are placed in succession in accordance with the shape of the product. Fluorosilicones can be used in 3D printing to provide functional prototypes and replacement parts for automobiles, aircraft, and medical components.
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According to Technavio analysts, one of the key factors contributing to the growth of the global fluorosilicone market is the increasing demand from the developing countries:
Global fluorosilicone market: Increasing demand from the developing countries
In developing economies such as China, Brazil, Mexico, India, the Philippines, and Indonesia, fluorosilicones are extensively used in automotive applications. Factors such as the availability of raw material, land, cost-effective labor, low transportation costs, and lenient government regulations and policies are enabling several fluorosilicone vendors to shift their manufacturing facilities to these countries.
According to a senior analyst at Technavio for research on specialty chemicals, “The emergence of countries such as China and India as the manufacturing hubs for automobiles and aircraft will drive the demand for fluorosilicones. In India, the Make in India initiative by the government will drive the production of automobiles. Factors such as growth in the construction, logistics, and mining segments will drive the demand for commercial vehicles. In 2016, China witnessed the sale of commercial vehicles to reach 1 million units, which is nearly 30% of global commercial vehicles sales.”
Global fluorosilicone market: Segmentation analysis
The global fluorosilicone market research report provides market segmentation by end-user (transportation, OEM, and oil and gas) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The transportation segment held the largest market share in 2017, accounting for nearly 65% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of 40%. This region is expected to dominate the market through 2022, with more than a 1% increase in its market share.
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Business Wire: 14:22 GMT Thursday 6th December 2018
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